MIRA
INFORM REPORT
|
Report Date : |
24.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
TOTAL ENVIRONMENT BUILDING SYSTEMS PRIVATE LIMITED |
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Registered Office : |
No.78, Imagine, ITPL Main Road, Whitefields, EPIP Zone, Bangalore –
560066, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.07.1996 |
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Com. Reg. No.: |
08-20790 |
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CIN No.: [Company
Identification No.] |
U45202KA1996PTC020790 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRT0147E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Property Development and Construction of Buildings |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Chief Accountant (name not disclosed) of the company confirmed details
but declined business and financial details. Subject is a well established and reputed real estate developer.
Directors are reported as experienced, respectable and resourceful
businessmen. Their trade relations are fair. Payments are usually correct and
as per commitments. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office: |
No.78, Imagine, ITPL Main Road, Whitefields, EPIP Zone, Bangalore –
560066, Karnataka |
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Tel. No.: |
91-80-41154711 |
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Fax No.: |
91-80-42173731 |
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E-Mail : |
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Corporate Office : |
78, ITPL Main Road Sadaramangala Village, K.R. Puram Hobli,
Bangalore-560060, Karnataka, India |
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Tel. No.: |
91-80-51154714/ |
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Fax No.: |
91-80-52173731 |
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Website : |
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DIRECTORS
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Name : |
Mr. Kamal Sagar |
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Designation : |
Director |
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Address : |
Flat No. 232, Time-2, 6th Cross Indiranagar, 1st
Stage, Bangalore-560038, Karnataka, India |
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Date of Birth/Age : |
15.07.1969 |
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Date of Appointment : |
10.07.1996 |
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Email : |
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Name : |
Mrs. Shibanee Sagar |
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Designation : |
Director |
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Address : |
Flat No. 232, Time-2, 6th Cross Indiranagar, 1st
Stage, Bangalore-560038, Karnataka, India |
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Date of Birth/Age : |
18.09.1970 |
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Date of Appointment : |
18.06.1998 |
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Email: |
KEY EXECUTIVES
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Name : |
Somy Jacob and Associates |
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Designation : |
Company Secretary |
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Address : |
3/6-6, 3rd Floor, Sheikh Ali Complex, Opposite Kaveri
Nursing Home, Koamangala 2nd Block, Bangalore – 560068, India |
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Tel No.: |
91-80-25631465/ 25634801 |
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Fax No.: |
91-80-25630141 |
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Kamal Sagar |
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325000 |
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Mr. Shibanee Sagar |
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325000 |
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Total |
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650000 |
(As on 30.09.2007)
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Category |
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Percentage |
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Directors or Relatives of Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Property Development and Construction of Buildings |
GENERAL
INFORMATION
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No. of Employees : |
230 |
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Bankers : |
Kasturba Road, Bangalore-560001, Karnataka, India
Marathahalli Branch, Site No. 43, Varthur Main Road, Marathahalli,
Bangalore-560037, Karnataka, India
Cantonment Branch, M.G. Road, Bangalore |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Singhvi Dev and UNNI Chartered Accountant |
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Address : |
SDU House, # 12, Race Course Road, Mahadevangar, Bangalore- 560001,
Karnataka, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
(As on 26.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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650000 |
Equity Shares |
Rs. 10/-
each |
Rs. 6.500
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.500 |
6.500 |
6.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
43.581 |
31.620 |
16.049 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
50.081 |
38.120 |
22.549 |
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LOAN FUNDS |
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1] Secured Loans |
487.872 |
223.086 |
178.071 |
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2] Unsecured Loans |
187.509 |
192.026 |
109.784 |
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TOTAL BORROWING |
675.381 |
415.112 |
287.855 |
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DEFERRED TAX LIABILITIES |
0.027 |
0.000 |
0.535 |
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TOTAL |
725.489 |
453.232 |
310.939 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
138.004 |
106.452 |
89.867 |
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Capital work-in-progress |
8.853 |
1.902 |
2.038 |
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INVESTMENT |
215.931 |
65.551 |
63.411 |
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DEFERREX TAX ASSETS |
0.000 |
0.057 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
622.076
|
455.755 |
506.741 |
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Sundry Debtors |
28.268
|
38.669 |
5.809 |
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Cash & Bank Balances |
103.715
|
3.785 |
36.311 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
256.229
|
61.165 |
37.193 |
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Total
Current Assets |
1010.288
|
559.374 |
586.054 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
750.057
|
317.325 |
426.452 |
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Provisions |
4.100
|
11.200 |
3.979 |
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Total
Current Liabilities |
754.157
|
328.525 |
430.431 |
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Net Current Assets |
256.131
|
230.849 |
155.623 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Inter Corporate Deposts |
106.570 |
48.420 |
0.000 |
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TOTAL |
725.489 |
453.231 |
310.939 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover (Including Other Income) |
195.384 |
323.218 |
233.647 |
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Total Income |
195.384 |
323.218 |
233.647 |
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Profit/(Loss) Before Tax |
15.706 |
26.569 |
10.158 |
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Provision for Taxation |
3.745 |
10.997 |
4.109 |
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Profit/(Loss) After Tax |
11.961 |
15.572 |
6.049 |
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Expenditures : |
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Financial Charges |
40.244 |
29.898 |
21.667 |
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Other Expenditure |
139.434 |
266.751 |
213.331 |
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Total Expenditure |
179.678 |
296.649 |
223.489 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
6.12
|
4.82 |
2.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.04
|
8.22 |
4.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.37
|
3.99 |
1.50 |
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Return on Investment (ROI) (PBT/Networth) |
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0.31
|
0.70 |
0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
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28.54
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19.51 |
31.85 |
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Current Ratio (Current Asset/Current Liability) |
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1.34
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1.70 |
1.36 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
10027442 |
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Corporate
identity number of the company |
U45202KA1996PTC020790 |
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Name of the
company |
TOTAL ENVIRONMENT
BUILDING SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
78, ITPL Main
Road, Sadaramangala Village, K.R. Puram Hobli, Bangalore-560066, Karnataka,
India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Axis Bank
Limited, Marathahalli Branch Site No. 43, Varthur Main Road, Marathahalli, Bangalore-560037,
Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
Renewal of
sanction of overdraft of Rs. 500.000 Millions under Business Mpower Scheme
(sanction letter and Document acknowledging debt is attached) |
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Date of
instrument Creating the charge |
05.01.2008 |
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Amount secured by
the charge |
Rs. 50.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Axis Bank PLR- 2%
Presently 13% per annum Payable Monthly Terms of Repayment 12 Months Tenor
Repayment on Demand Margin Nil Extent and Operation of the charge Extension of
Equitable Mortgage of the Land and
Office Premises belonging to Total Environment Building Systems Private
Limited, Land Measuring 6 acres with Super Built Area of 55000 sft located at
survey no. 78, Sadarmanagala Billage. KR Puram, Hoblim ITPL, Main Road, EPIP
Zone, Whitefield Bangalore- 560066 in Banks Favour. Which is already mortgage
under BLAP Scheme. Guarantee-
Personal Guarantee of Both Directors Namely, Mr. Kamal Sagar and Mrs.
Shibanee Sagar Others Any Excess
Drawings (Other Than What Has Been Specifically Approved in the Scheme) or
Irregularity on Account of Non Payment of Interst /charges/ instalments will
attract Penal interest of 2% p.a. |
|
Short particulars
of the property charged |
Land and Office
premises belonging to Total Environment Building Systems Private Limited, Land
Measuring 6acres with super built area of 55000 sft located at survey no. 78,
sadarmangala Village, KR Puram, Hobli, ITPL Main Road, EPIP Zone, Whitefield
Bangalore-560066 |
|
Particulars of
the present modification |
The overdraft
facility provided by Axis Bank Limited (earlier UTI Bank Limited) has renewed
for further period of 12 months. |
As per Website
Profile
Subject is a multi-faceted, real-estate development organization. With
projects that range from residential
apartment blocks to corporate campuses,
they address a wide spectrum of design and construction needs.
They are promoted by young professionals from the Architecture/
Construction and Information Technology Industries: this means they understand
the design and construction process in its entirety.
They have successfully addressed the real-estate requirements of the new,
emerging breed of global professionals. Widely travelled, these people are
exposed to the highest international standards. Their core strength is the
ability to understand and meet their needs through innovative concepts,
personalized service, total transparency and of course, buildings of the
highest quality.
People
They believe that it is the people at Total Environment that make the
difference and deliver what customers need. From their promoters to the
craftsmen who work on their buildings, the commitment to quality remains
unchanged. They work together as an integrated team from concept to completion.
This high degree of interaction between architectural design, structural design
and the construction teams ensures that every little detail gets the close
attention it deserves.
Their teams include skilled craftsmen from all parts of the country. This
includes carpenters from Gujarat, floor and tile laying masons from Rajasthan,
formwork and shuttering carpenters from West Bengal, steel barbenders from
Bihar and steel fabricators from Maharashtra.
Their promoters are professionals who have received degrees in Engineering,
Architecture and Management at India's best institutes. Here's a quick look at
their biographies:
Kamal Sagar (Principal Architect and Director) studied
architecture at IIT Kharagpur and has worked in Lexington, Kentucky and
traveled through the United States and Europe before designing and building the
Poonawalla Stud farms and several other buildings for the Poonawalla Group in
Pune. Kamal founded Total Environment in 1996 along with 3 friends who moved
early on to pursue other interests. Kamal's other passion is music. This
explains why Total Environment's projects are usually named after some of his
favourite songs.
Shibanee Sagar (Principal Architect and
Director) studied architecture at Sir J.J. College of Architecture,
Mumbai before proceeding to pursue her Masters at the Savannah College of Art
and Design. Shibanee brings in rich experience in design & detailing as
well as interior design & furniture design.
Surendra Kumar Sagar (Technical Director -
Design and Engineering) heads the structural design and engineering team
and is the company’s mentor. He has over 40 years of experience in designing
and building large complex structures such as chimneys, steel plants and high
rise buildings. Mr. Sagar is also a very good singer and has a very analytical
mind.
Their support staff of more than 230 includes architects, project engineers,
site engineers, marketing, finance and administrative personnel.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.84 |
|
UK Pound |
1 |
Rs. 84.78 |
|
Euro |
1 |
Rs. 67.32 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|